What was new in December for state sales and use taxes
There’s always something changing in the world of tax, especially sales tax. Here’s a review of...
Sales tax is a significant revenue source for many states. In fact, according to the Tax Policy Center, it can be the leading source of revenue for many departments, comprising 25-35% of a state's revenue.
With the Wayfair decision, many more businesses are now required to collect and remit sales tax. What these businesses don't realize is that due to responsible party laws, a business itself is not the only one at risk. CEOs, CFOs, Directors and other individuals that have influence over a business's tax and accounting process can be held personally responsible for any sales tax shortfalls according to responsible party laws.
There’s always something changing in the world of tax, especially sales tax. Here’s a review of...